Donate a Policy That Has Been Paid Up
Often, a person’s need for life insurance declines with age. A life insurance policy purchased years ago for family protection or to collateralize a loan may no longer be needed for that purpose. If so, ownership of the policy could be transferred to the USS Missouri Memorial Association ("UMMA"). Because the gift is irrevocable, you receive an immediate income tax deduction. By making a gift of this essentially "idle" asset, you will receive a charitable deduction and reduce your taxes.
Donate a New Policy or a Partially Paid Policy
You may have a policy that you have owned for a while but is not paid-up. You can transfer ownership to UMMA and continue paying the premiums. You receive an immediate deduction along with additional deductions for continued premium payments. Or you can take out a new policy and deduct the premium payments. This is a way to assure a major future gift to USS Missouri Memorial Association with minimal current financial outlay.
Name the USS Missouri Memorial Association, Inc. as a Beneficiary
A gift through life insurance offers several benefits:
- It allows you to make a substantial gift with an asset you may no longer need
- It may provide an estate tax deduction and, in certain circumstances, an income tax deduction
- Proceeds pass directly to UMMA outside of the probate process
If you contribute other assets for the benefit of the USS Missouri, you may consider using life insurance to replace the value of the donated assets and maintain your gift to heirs. For more information about gifts of life insurance, or if you have already provided for the USS Missouri Memorial Association in your estate plans, please contact us via email or at (808) 455-1600 ext. 244.